Leased Office
New
For Sale
$4,110,000
38-08 Union Street Unit #2K, Flushing, NY 11354
Two occupied suites are leased on a triple-net basis to healthcare-services tenants.
Property Size2,821 SF
Price / SF$1,456
Days on Market2
Property Features for 38-08 Union Street Unit #2K
General Information
Standard status
Active
Size
2,821 SF
Net Rentable
3,696 SF
Class
Class A
Elevators
Yes
Property subtype
Commercial
Occupancy
100%
Financials
Cap Rate
6.68%
Gross Income
$274,476
Additional Details
Floor
2
Public Transit
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$14,426
Amenities
24/7 security
concierge
Building Details
Year Built
2014
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Yaos Realty LLC
(718) 841-9292
Listed By:
Jianfeng Yao (yaosrealty@gmail.com)
(718) 755-6515
Source:
Nextlevelhomesgroup
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 9 at 6:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Yaos Realty LLC
Investment Insights
Based on property information with market context.
This Class A office condominium at Flushing Commons contains 3,696 rentable square feet and 2,821 usable square feet, configured as suites 2K-1 and 2K-2. Both suites are fully leased to healthcare-services tenants under triple-net leases, with tenants responsible for real estate taxes, insurance and operating expenses. The leases extend through 12/31/2028 and include five-year renewal options through 12/31/2033. Rent steps up 3% annually, and the stated cap rate is 6.68%. The property also benefits from a 25-year real estate tax abatement that began in 2019, per the owner.
The condominium is in the Flushing Commons mixed-use development, a 1.8-million-square-foot project. Building amenities include 24/7 security, concierge service and high-speed elevators, with a public parking garage on site. The Flushing-Main St 7 train, LIRR and bus service are nearby. The unit is tenant-occupied, and showings require 24-hour notice.
The condominium is in the Flushing Commons mixed-use development, a 1.8-million-square-foot project. Building amenities include 24/7 security, concierge service and high-speed elevators, with a public parking garage on site. The Flushing-Main St 7 train, LIRR and bus service are nearby. The unit is tenant-occupied, and showings require 24-hour notice.
Key Highlights
- 3,696 rentable SF; 2,821 usable SF
- Two suites, 2K‑1 and 2K‑2, are 100% leased
- Triple‑net leases to two healthcare‑services tenants; tenants cover taxes, insurance and operating expenses
Property Analytics
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Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Two occupied suites are leased on a triple-net basis to healthcare-services tenants.
Where is this office units located?
The property is located at 38-08 Union Street Unit #2K Flushing, NY.
What is the asking price?
The asking price for this property is $4,110,000.
What are key features of this property?
This property features: 3,696 rentable SF; 2,821 usable SF; Two suites, 2K‑1 and 2K‑2, are 100% leased; Triple‑net leases to two healthcare‑services tenants; tenants cover taxes, insurance and operating expenses
